Registered number
08731567
M & N Commodities Limited
Filleted Accounts
31 October 2023
M & N Commodities Limited
Registered number: 08731567
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 423,612 472,876
Current assets
Stocks 66,223 63,723
Debtors 4 795,331 289,561
Cash at bank and in hand 272,236 791,490
1,133,790 1,144,774
Creditors: amounts falling due within one year 5 (261,785) (244,785)
Net current assets 872,005 899,989
Total assets less current liabilities 1,295,617 1,372,865
Creditors: amounts falling due after more than one year 6 (54,245) (168,546)
Net assets 1,241,372 1,204,319
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,241,370 1,204,317
Shareholders' funds 1,241,372 1,204,319
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs V A Jameson
Director
Approved by the board on 27 February 2024
M & N Commodities Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investment property
Investment properties are those properties that are held either to earn rental income or for capital appreciation or both.
Investment properties are measured initially at cost including transaction costs and thereafter stated at fair value, which reflects market conditions at the balance sheet date. Surpluses and deficits arising from changes in the fair value of investment properties are recognised in the Profit and loss account in the year in which they arise.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 279,091 492,802 160,324 932,217
Additions - - 16,382 16,382
At 31 October 2023 279,091 492,802 176,706 948,599
Depreciation
At 1 November 2022 24,267 316,668 118,406 459,341
Charge for the year 4,123 44,034 17,489 65,646
At 31 October 2023 28,390 360,702 135,895 524,987
Net book value
At 31 October 2023 250,701 132,100 40,811 423,612
At 31 October 2022 254,824 176,134 41,918 472,876
4 Debtors 2023 2022
£ £
Trade debtors 208,459 71,998
Other debtors 586,872 217,563
795,331 289,561
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 59,139 58,558
Obligations under finance lease and hire purchase contracts 5,315 8,740
Trade creditors 12,204 17,490
Corporation tax 68,816 90,785
Other taxes and social security costs 96,330 50,034
Other creditors 19,981 19,178
261,785 244,785
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 54,245 163,965
Obligations under finance lease and hire purchase contracts - 4,581
54,245 168,546
7 Loans to participators
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs C Sandham
Loan 154,880 366,009 - 520,889
154,880 366,009 - 520,889
The loan was repayable on demand. Interest was charged at a commercial rate.
8 Other information
M & N Commodities Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 9 Gemini Business Park
Sheepscar Way
Leeds
West Yorkshire
LS7 3JB
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